How protected are your personal asset from costly legal bills 

As a company director you are personally liable for the decisions you make every day and just as importantly, for the decisions you don’t make.  Company directors are increasingly under the microscope from regulatory authorities, shareholders, customers and other third parties in respect of their overall management of company affairs. Today’s legal environment shows us that private company directors are just as vulnerable as their counterparts in the public company arena. Even if not a director by title anyone involved in the management of a company can be personally exposed.  Just one lawsuit or criminal scheme may be enough to send a vigorous, growing business crashing into bankruptcy.

How do I protect my personal assets from my business exposures?

Yes, your accountant can do clever things to protect your ass(ets), but is this really a watertight solution? The most cost effective solution at present is Management Liability Insurance.  A product specifically designed to provide protection for private companies and their directors and officers. It combines traditional Directors’ & Officers’ Liability Insurance with several other policies, to provide a broad range of covers for company mismanagement under the one policy, including: 

  • Directors & Officers Liability Insurance (protection for personal assets)
  • Employment Practices Liability Insurance (claims from employees)
  • Fidelity Guarantee Insurance (Fraud/embezzlement)
  • Statutory Liability Insurance (Fines and Penalties from regulatory bodies)
  • Defence Costs (Legal costs in defending claims)
  • Official Investigation and Enquiries Costs (Regulatory bodies investigations)
  • Occupational Health & Safety (legal defence costs for potential breaches of OH&S)
  • Taxation audit expenses (professional fees incurred responding to an audit)

Types of Claims Covered

In today’s litigious environment, no business relationship is free of risk. Type of claims covered include claims from government agencies (such as ASIC, APRA or ATO), employees, competitors, investors, creditors, defence costs, cover for breach of WH&S, fines and penalties. This is an affordable insurance solution for private companies. 

 

 
Disclaimer “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. While we have exercised due care and skill in preparing this information, Optimum Insurance Services (Optimum) does not accept any legal responsibility or liability for negligence or otherwise to you or anyone else who seeks to rely on this information. This includes, without limitation, loss arising from a possible failure of the information to comply with statutory or regulatory requirements or the failure of the information to identify other terms and conditions beyond those considered in this document. You should obtain advice to ensure that your policy provides adequate cover for your circumstances.

“Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”

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Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative (No. 291220) of Insurance Advisernet Australia Pty Ltd (AFSL No. 240549).

 

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